The pace of home sales rose in May after a slow start in the beginning of 2014. Inventory increased slightly again in May, meaning buyers should have a bit more choices moving into this year’s peak home buying season and may have less competition in certain neighborhoods. While the overall inventory in the county has increased, there is currently a great deal of variance in local neighborhoods, with inventory levels in some areas remaining substantially lower than the average Queens’ numbers and inventory levels varying by price point within many neighborhoods. Prices continue to increase this year, helping even more homeowners return to positive equity. Interest rates remained below expectations at the beginning of this year and have dipped even further in recent weeks. With buyers having more options available and sellers poised to take advantage of equity growth, the summer months should offer opportunities for all individuals looking to participate in the housing market.

Month’s Supply: 8.7 Months (Last Month: 8.4 Months)

**Month’s supply over 6 months is said to favor buyers, month’s supply below 6 months is said to favor sellers, and month’s supply of 5-6 months is said to be a balanced market.

Interest Rates

30-year rates dropped 20 basis points from April to May due to global market activity resulting from turmoil overseas. Rates have remained flat in the first quarter of this year but are still expected to rise in the future; volatility in several global markets has indirectly placed downward pressure on mortgage rates in the United States. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.14%; 15-year fixed rate, 3.25%; 5/1-year adjustable rate, 3.96%.

Queens NY Home Sales

According to the Long Island Board of Realtors, the seasonally adjusted annual pace of home sales increase 10% in May to 634 homes. This is down 17.8% from the same month last year, when the pace was 771 homes. While home sales are expected to remain below the previous year’s levels, May was the second month-to-month increase in sales this year. Sales should continue to pick up as we move into the summer and recover from the first quarter’s sluggish pace.

Queens NY Home Prices

Median home prices decreased .1% in May to $370,000.This is a .5% increase from the same month last year. Average home prices increased 3.4% in May to $428,383. This is a 3.7% increase from the same month last year. Year-over-year increases should remain slower than those we have seen in previous months, as more inventory is entering the market than last year.

Queens NY Housing Inventory

The number of homes available for sale increased 1.4% in May to a seasonally adjusted 5,812 homes. This translates into 8.7 months of supply, up from 8.4 months in April and 9.6 months last year. This places the market in fairly balanced territory, however, there is currently a great deal of variation among several Queens’ neighborhoods, with many areas still retaining highly competitive markets with low inventory levels.

Courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark II.

With plenty of competition out there looking for the same apartment that you are looking for, do you think it is a good idea to:

Have on hand three months rent(security,rent, and real estate fee) in case you find what your looking for?

Have on hand some copies of paychecks?

Have on hand your credit scores?

Since there are many looking for apartments today, it would be in your best interest to look like the perfect candidate for the apartment, in front of the landlord.

Landlords are looking for tenants who will live in the same house as them. There concern is to attain tenants that can afford to pay them. If you see an apartment you like, negotiate, and you tell the landlord you want the apartment, but you can't leave a deposit, or pay within 24 hours, you do not look good to the landlord in their eyes.

To many embarassing stories to tell lately.

Just shop for an apartment when you are ready with the money needed, and have your paperwork ready to show.

jimturanobroker

|

June 30, 2014

Experience makes a World of Difference.

Author of thousands of Real Estate Articles to inform tenants, buyers, and owners for decades.

With 35 years of experience, with over 4,000 written appraisals to date, appearances on radio talk shows, and a resident of the Community since 1965, I have my fingers on the pulse of Real Estate.

*PLENTY OF VARIETY OF NEIGHBORHOOD STORES, THREE SUPERMARKETS, AND 7 BANKS TO CHOOSE FROM. And in walking distance to.

*Two Specific additional reasons for the tremendous increase in Home Prices.

1) Tenants being driven out of WILLIAMSBURG & GREENPOINT-HIGH RENTS

2) Hurricane Sandy took a big toll out of Homeowners in parts of Queens & Long Island.

Devastation of flooding, waiting on insurance payments, remodelling all over again, and every time a Heavy rain comes again, many experience flooding all over again.

Howard Beach was devasted. No electric for a week, looting, and inhabital homes for a half dozen to a dozen months. Then last month a heavy rain storm backed up the sewars again in Howard Beach. Between Taxes & Flood Insurance it is now a heavy Burden for many.

MIDDLE VILLAGE HAS ALOT TO OFFER AND WE ARE NOT IN A FLOOD ZONE AREA.

DECEMBER 2013 TO JUNE 30th 2014 Homes listed during this time frame were sold in 2 days, 72 hours, 1 week, 2weeks and the longest time has been 1 month.

Last year when homes were listed the typical buyers always say when they see the home,

its a bit high in price, or isn't that alot of money, or the one statement I have heard since 1979 by buyers as the most said statement has been, 'TO MUCH MONEY'. Look where prices are today.

People since 1975-1985 moved out of Greenpoint & Williamsburg to Middle Village.

Today homes in those areas are $1.5 million and up.

Those that have bought homes these past 12 months in Middle Village, certainly are glad now that they bought back then.

Those looking today, have to compete with an enormous amount of competition.

While the usual buyer says I will think about it, others are buying.

At the current rate of increases on Homes today, the homes you see today, at the now asking prices, will have become history by the comming Fall.

In the fall Homes will be higher than the are today and that is a fact from a 35 year experienced Real Estate Broker.

What is still in favor for all buyers currently is the Low Mortgage Rates as of June 30, 2014.

Certain Buyers who were qualified for a Home last January 2014 and still haven't bought, may not be qualified today since prices are rising.

Ahead of the Curve....Many should think twice right now before Summer begins, and try to buy now. If not by the end of September 2014 they may not be qualified any longer.

DON'T DREAM ABOUT BUYING A HOME, RATHER TURN YOUR DREAM INTO A REALITY.

JIM TURANO/BROKER*DIVERSE REAL ESTATE

AUTHOR OF THOUSANDS OF REAL ESTATE ARTICLES ALL OVER THE INTERNET.

ANY QUESTIONS FEEL FREE TO CALL ANYTIME.

1-347-837-9206 *The time to buy is Today*

$5,000 more or less for a home on an owners counter offer is worth going up.

Those that didn't these past 6 months are paying $20-30,000 more 6months later instead.